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Quick Tip: Stop getting paper checks in the mail

Receiving paper checks from PBMs, insurers, and vendors has numerous disadvantages, including:

  • Longer processing time (taking weeks, instead of days, to get your money)

  • Less security (checks getting lost in the mail, for example)

  • Staff time to log and deposit those checks

As a pharmacy manager, I once found out there was a check from 4-5 years ago for the pharmacy that had never been cashed. It was small relative to revenue (I think around $8,000), but that was only by luck. Imagine what it could cost your pharmacy if it was a large amount of money.

Most payers offer an EFT/direct deposit option. Get started by:

  • Collecting copies of your checks from the past month or two

  • Go through each one, starting with the payers that provided the most revenue

  • Call them, use the EFT database on PharmCompliance, or both, and go through the process of setting up direct deposit (**note the EFT database needs to be updated, so there might be a couple dead links. It's still a good place to start though)

If you bring in one of your technicians for a few extra hours over the course of a few weeks yo will likely be able to convert most of your paper checks to direct deposit.

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